Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 175]

EXTRACTED TEXT FROM PAGE:

172

board of trustees

[November 20

MATTERS PRESENTED BY PROVOST BABCOCK The Board considered the following matters presented by the Provost. ADJUSTMENT OF FIRE LOSS IN THE DENTISTRY BUILDING (1) The various insurance companies have made settlement of the fire loss on the Dentistry building reported by Professor White at the September meeting of the Board (page 125, Board Minutes), covering the estimated loss as follows: Building $24,871.00 Equipment 10,19645 Total $35,067.45 The insurance on the building is partly payable to the Chicago Trust Company, Trustee of the Bond issue on the building. Under the terms of the trust deed, the proceeds of all the insurance money received by the Trustee in excess of $1000 must be applied either to the restoration or improvement of the building or to redemption of bonds. The total expenditures on the building to date amount to a little over $18,000, and the Chicago Trust C o m p a n y has delivered to us insurance checks endorsed by them, totalling $18,382.91. The other items in the process will bring the total expenditures on the building to about $20,000. In order not to interfere with the class work, the remainder will be deferred until the holidays or until next summer. It is very desirable that the University secure in cash the full amount of insurance settlement. The Treasurer has on hand Dental Building bonds totalling $5600, which have been purchased out of general funds from time to time. It will be entirely satisfactory to the Trustee for us to deposit these bonds with the Trustee as a guarantee that the full amount of the insurance money will be eventually expended on the Dentistry Building. W h e n this is done and a certificate furnished to that effect, the bonds will be returned- to the University. O n advice of the Supervising Architect and the Comptroller, I recommend: (a) That the Treasurer of the University be authorized to deposit with the Chicago Trust Company $5000, or so much thereof as m a y be necessary, of Dentistry Building bonds now in the treasury in exchange for insurance money now being held by the Trustee pending its expenditure on the building; (b) That the amount realized from the insurance settlement be appropriated as follows: T o reimburse.the reserve and contingent fund for appropriations made Total _ $25,000.00 out of it to meet the cost of restoration of the building— For further repair and improvement of the building September 22 (applied 1927 before October I, to equipment replacements). .$ 5,000 4,871.00 For further replacement of equipment October 20 (applied to building repairs) 20,000 5,19645 Tow' • : $35,067.45 O n motion of Dr. Noble, the Treasurer was authorized to deposit the bonds of the Dentistry Building as recommended. O n motion of Dr. Noble, the money realized from the insurance settlement was appropriated as recommended. The vote was as follows: Aye, Mr. Armstrong, Mrs. Evans, Mrs. Grigsby, Mrs. Ickes, Dr. Noble, Mr. Trees, M r . W h a m ; no, none; absent, Mr. Barr, Mr,. Blair, Mrs. Busey, Mr. Small.